Venezuela boosts oil production amid unilateral restrictive measures
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Venezuelan Foreign Minister Yvan Gil told Sputnik that the weakness of the UN system causes great concern for Venezuela.
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A man walks past a mural featuring oil pumps and wells in Caracas, Venezuela, on Saturday, May 21, 2022 (AP)
Venezuela is growing domestic oil output in the face of unilateral sanctions, according to Venezuelan Foreign Minister Yvan Gil, who spoke to Sputnik on Saturday.
"We are increasing [production] with new investors who are entering Venezuela, with new plans for the development of special economic zones and a policy of opening [the economy] to new capital, a policy of protecting national interests, and above all, in a new legal framework adapted to the current situation, in which Venezuela is the subject of unilateral restrictive measures," Gil told Sputnik on the sidelines of the UN General Assembly in New York.
Gil told Sputnik that the Russian oil price ceiling is an "irrational action" that breaches international trade principles.
"We do not agree with market manipulation under any circumstances. These are irrational actions that violate all principles of international trade," Gil told Sputnik when asked about his assessment of the attempts to establish a price ceiling for Russian oil.
Moreover, the Foreign Minister told Sputnik that the weakness of the UN system causes great concern for Venezuela, adding that "the weakness of the UN system is a major concern. This is our message."
It is worth mentioning that Venezuela's daily oil production experienced a rise from 732,000 to 810,000 barrels per day between January and July 2023, as per data released by Rafael Tellechea, the Venezuelan Oil Minister and head of the state oil and gas company PDVSA.
Tellechea, expressing his viewpoint on X, attributed this growth to President Nicolas Maduro's strategy and the efforts of PDVSA employees, showcasing the country's ability to withstand blockades and rely on its internal capabilities.
Based on infographics created using OPEC reports on the oil market, Venezuela's oil production was at 732,000 barrels per day in January 2023. The zenith of production was recorded at 819,000 barrels per day in May, while July saw production at the level of 810,000 barrels per day.
Furthermore, the nation aspires to achieve a production rate of 1.76 million barrels per day within the subsequent year. During the first half of 2023, oil refining in Venezuela reached 300,000 barrels per day.
On that note, in defiance of unilateral US sanctions, Iran has consistently sent fuel tankers to Venezuela in the past few years and helped in refinery repairs.
